Inland Revenue Board slaps winding-up petition on Eden

PETALING JAYA: Eden Inc Bhd has been slapped with a windingup petition by the Inland Revenue Board (IRB) for about RM3.19 million income tax debt for years of assessment 2013 and 2014.

In a filing with Bursa Malaysia, Eden said the petition was presented to the High Court of Malaya on Feb 6 and was served on the company on Feb 13.

Eden said the tax liabilities mainly resulted from the advance rental for the period of 10 years from 2013 until 2023 amounting to RM9.8 million received and recognised as a deferred income in 2013.

“The filing of the petition was unexpected as the company has been actively negotiating the payment terms with IRB, and have been making progressive payments to settle the alleged income tax debt and has made RM1.15 million payment to date.”

Nonetheless, as the tax liability has been fully provided for, Eden stressed that it is not expected to incur any further losses from the petition save and except for costs incurred with regards to the petition.

Eden is involved in food & beverage and tourism, energy as well as manufacturing businesses. Its share price closed 2.86% higher at 18 sen yesterday with some 406,000 shares done.